Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
I use Quicken and turbotax. Ugh. Managing Your Money from Andrew Tobias came on floppy disk, still my favorite. When orphaned I went to Microsoft Money which was worse bloatware until orphaned and forced into Quicken which made Microsoft Money seem …
Corporations are tax collectors as well as tax payers. Taxes are imposed along points of the pricing chain as is the collection, often at point of sale, passed along and embedded in the price.
The ever popular headline yield ploy masking return of capital bears testament to financial illiteracy as does leverage. What goes up the escalator comes down the elevator, basement level. Something learned circa 2008. Expense ratio 2.67 %
Letter from Keynes to Frisch 28 November 1935
https://larspsyll.wordpress.com/2018/09/28/new-keynesian-nonsense-proofs/
It seems to me that this failure of the economists to guide policy more successfully is closely connected with their propens…
Grant goes into the nuts(!) and bolts of this.
Prices--
Average prices charged by private sector firms increased at the sharpest rate seen in the nine-year survey history. Service providers signalled a particularly steep rise in output charges i…
"The rounded end of the can is filled with an air bubble vacuum, which makes it easier to get the sauce out," he explained.
http://www.delish.com/food/a44521/cranberry-sauce-cans-upside-down/
1st Timex Sinclair had to program in GW Basic. Programs and data were loaded and saved onto audio tape cassettes.
https://en.wikipedia.org/wiki/ZX81
2nd Hyperion
https://en.wikipedia.org/wiki/Hyperion
“There are 10^11 stars in the galaxy. That used to be a huge number. But it’s only a hundred billion. It’s less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.” - Richard Feynman, 196…
SUBFX is flat over the trailing twelve months while two other positions MAINX RNSIX are down 4-6% excluding yield which was negligible for SUBFX.
http://finance.yahoo.com/q/bc?t=1y&s=SUBFX&l=on&z=l&q=l&c=MAINX+RNSIX&ql=1
As…
King illustrates how the assets of US mutual funds invested in investment grade and high-yield debt have trebled since 2008, from $300 to $900 billion, reflecting investors’ increasingly desperate search for interest income in low-rate environment…
So while broker-dealers were about half the size of the credit mutual fund industry in 2007, according to the quantity of assets they owned, today they’re only about 1/20th of the size. And those broker-dealers are still the only real liquidity pro…
do you folks know any vehicles out there that are similiar to these products - thanks
>>>>>>>>>>>>>>>>>>>
EBay-Style Peer Loans Spur Wall Street Asset Craze
Armed with a muscular board th…
This one photo from 1998 includes everybody involved in the Fed chair decision
all have a straight line back to Clinton Treasury secretary Robert Rubin
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/08/21/this-one-photo-from-1998-includes-…
When Duration Goes Negative
"Many bond funds--in particular those holding lots of short-term securities--have average effective durations of 1 year or less (and floating-rate funds often have durations very close to zero). But a handful of funds ha…
Rather, investors should worry about a less-discussed reality: The structure of the bond market itself is balky and vulnerable to bouts of exacerbated investor losses and trading air pockets, simply because the act of trading corporate bonds among f…
People with certain kinds of brain damage may make better investment decisions.
http://online.wsj.com/article/0,,SB112190164023291519,00.html#printMode
Conjurance enabling circular finance has come to be the most critical asset.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/03/Debt Issuance US YTD_1_0.jpg
Aberdeen’s Bruce Stout, manager of the £1.4bn Murray International trust, has urged investors to diversify out of bonds to avoid heavy losses when central banks stop the printing presses.
Stout, speaking to shareholders as the trust reported its an…
Citi strategist Matt King, who sent us this chart in December, put it this way: "Since 2007, credit mutual fund assets have doubled, while dealers' corporate bond inventories have halved. So while in 2007, it would have taken a 50% outflow from mut…
Hedge fund manager indeed, cute quip. There's a few hundred feet of hedge here, in places as high as 18ft, exciting up there and crucial to strike a balance. Oh for the good old days of
5% money markets.
The Power of Gold
Great book, a nuanced narrative probably grating to hardcore bugs.
Between the American Civil War and World War I, gold became the near-universal standard, ''a symbol of sound practice and a badge of honor and decency,'' said Jo…
Private banks are stuffing structured products into client portfolios wherever the banks have discretionary authority to purchase these notes on behalf of clients – without explaining the risks and without obtaining specific client consent to these …
Change in rates that offset yield
Rate chart is for indices sans expense ratios
http://media.pimco.com/PublishingImages/PIMCO_Featured_Solutions_Callin_Kim_Fig1.PNG
Pimco's book-talking case for unconstrained bond fund management in today's e…
The urge to do something usually passes. Last reallocation was doubling precious metals exposure from 5% to 10% last spring and summer, Vanguard and Fidelity mining stock funds,
the Fidelity fund routinely tracks the xau index, the Vanguard more a b…
Negative duration of -2.1 years.
We used bond futures to manage the Fund’s duration, which
fluctuated among very low levels during the period.
http://www.scoutfunds.com/Funds/FixedIncomeFunds/UnconstrainedBond/029258
Barron's profile
http://w…
Taco Bellrung: Think outside the bond.
Mercedes Bonds: Engineered to remove the human spirit.
M&M bonbonds: melts in your hand not in your mouth.
Maxed well House (of reprehensibles) coffer: Good to the last drop.
Booned, James Booned .007…
Why Central Banks Can't Let Up on Stimulus
As for the bond-buying programs -- aka quantitative easing -- that dovetail with the low interest rates, the U.S. central bank alone shortly will eclipse $3 trillion on its balance sheet and is expected to…
Gundlach says, “I don’t believe you’re going to get some sort of an early warning. You should be moving now.”
“We’ve largely given up on traditional fixed income,” Inker says, including government and corporate debt in the same condemnation. The…
Scout Unconstrained Bond manager interview--
Q: How much cash do you have in the fund?
A: We’re running about 30 percent net cash because of so many things we sold. We’re looking for short-term bonds and securities to purchase with one-year matur…
Last week Annaly Capital’s CEO Wellington Denahan-Norris (who this week replaced the late Michael Farrell who tragically passed away), said some very interesting comments to Bloomberg on the state of the risk markets. After discussing the impact of…
The Inflation Monster
How Monetary Policy Threatens Savings
Der Spiegel
http://www.spiegel.de/international/europe/how-central-banks-are-threatening-the-savings-of-normal-germans-a-860021.html
Inflation renders "nontaxable account" an oxymoron.
Expect the mudfest to expand and accelerate as silly season heads to crescendo especially if polling indicates a photofinish, a landslide or anything in between.
A lunge for the TV remote, a stab at the car radio buttons lest something unclean be …
Shareholder since April Fools 2011. This is getting too good to be true.
Hot hands have been known and shown to grow cold, a Heebner or
Bill Miller for example. Reversion to mean from a long run at the top
requires a similar run at the bottom. Mor…
Reply to @Pat_F:
We're holding the same hands, rnsix, vwinx, rphyx. I was introduced to rnsix, rphyx here at this forum for which I'm grateful, professor Snowball is on somewhat of a roll. Rphyx to address interest rate risk, something of a keen a…
